Yield bearing coins

Lido is a decentralized finance (DeFi) platform designed to simplify Ethereum staking. The minimum amount of ETH required for a user to set up their own validator is 32 ETH. With Lido though, ETH from all participants is staked together in a large pool, which allows users of all sizes to receive staking rewards. Lido introduces the concept of stETH, a token that represents the staked ETH while remaining liquid and tradeable. Deribit supports stETH, allowing users to trade stETH, use it as collateral, and earn staking rewards while holding it. Users can acquire stETH via our spot pair stETH/ETH.

Deribit supports stETH, allowing users to trade stETH, use it as collateral, and earn staking rewards while holding it. Users can acquire stETH via our spot pair stETH/ETH.

USYC is a yield-earning cryptocurrency backed by reverse repurchase agreements (reverse repo) on U.S. Government Securities. It is designed to provide users with a stable and secure income-generating digital asset. As of February 10, 2024, USYC demonstrated an estimated annualized yield of 4.325%, calculated as a five-day historical average, net of fees.

Users can acquire USYC via our spot pair USYC/USDC.

USYC has been integrated into the cross-collateral pool, enabling users to use it as collateral for trading all of the derivatives instruments available on Deribit. To support its utility, the platform has introduced USYC-specific wallets and the USYC_USDC spot trading pair.

Ethena is a decentralized finance (DeFi) platform designed to provide a crypto-native, scalable solution for stablecoins. Ethena’s synthetic dollar, USDe, is achieved by delta-hedging Bitcoin, Ethereum, and Solana spot assets using perpetual and deliverable futures contracts, as well as holding liquid stables such as USDC and USDT.

Daily Reward Calculation

Reward distribution

Reward Calculation Formula

User APR Rate

Users’ APR rate is calculated based on Deribit’s minimum exchange USDe balance for the day, the Ethena Cap, and the Ethena APR. The Ethena Cap and Ethena APR are determined by Ethena and remain fixed for the next seven days.

$\text{User APR Rate}=\left(\frac{\min(\text{Min Exchange USDe Balance for the Day},\text{Ethena Cap})}{\text{Min Exchange USDe Balance for the Day}}\right)\times\text{Ethena APR}$ 

User Reward

User rewards are calculated based on the User APR Rate, taking into account the Deribit fee.

$\text{User Reward}=\text{Users Yesterdays Minimum USDe Equity}\times\left(\frac{\text{User APR Rate}\times(1-\text{Deribit Fee})}{365}\right)$ 

Reward Calculation Examples

Case 1:

Step 1: User APR Rate - $\frac{\min(500000,500000)}{500000}\times0.09=\frac{500000}{500000}\times0.09=0.09\text{ (or 9$ 

Step 2: Reward Before Deribit Fee - $10,000\times\frac{0.09}{365}=2.47$ 

Step 3: Reward After Deribit Fee - $2.47\times(1-0.05)=2.34$ 

Case 2:

Step 1: User APR Rate - $\frac{\min(1000000,800000)}{1000000}\times0.10=\frac{800000}{1000000}\times0.10=0.08\text{ (or 8$ 

Step 2: Reward Before Deribit Fee - $10,000\times\frac{0.08}{365}=2.19$ 

Step 3: Reward After Deribit Fee - $2.19\times(1-0.05)=2.08$ 

Case 3:

Step 1: User APR Rate - $\frac{\min(2000000,1000000)}{2000000}\times0.11=\frac{1000000}{2000000}\times0.11=0.055\text{ (or 5.5$ 

Step 2: Reward Before Deribit Fee - $10,000\times\frac{0.055}{365}=1.51$ 

Step 3: Reward After Deribit Fee - $1.51\times(1-0.05)=1.43$ 

Case 4:

Step 1: User APR Rate - $\frac{\min(1500000,1200000)}{1500000}\times0.095=\frac{1200000}{1500000}\times0.095=0.076\text{ (or 7.6$ 

Step 2: Reward Before Deribit Fee - $0\times\frac{0.076}{365}=0.00$ 

Step 3: Reward After Deribit Fee - $0.00\times(1-0.05)=0.00$ 

Case 5:

Step 1: User APR Rate - $\frac{\min(900000,900000)}{900000}\times0.105=\frac{900000}{900000}\times0.105=0.105\text{ (or 10.5$ 

Step 2: Reward Before Deribit Fee - $10,000\times\frac{0.105}{365}=2.88$ 

Step 3: Reward After Deribit Fee - $2.88\times(1-0.05)=2.73$